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marissa [1.9K]
3 years ago
7

Suppose you borrow money for 6 months. If the interest rate is compounded monthly, the formula

Mathematics
1 answer:
Alinara [238K]3 years ago
6 0

Answer:

$1045.85.

Step-by-step explanation:

A=p(1+r/12)^6

Here  r = 0.09, P = $1000 so

Amount of money needed to pay off the loan =

1000(1 + 0.09/12)^6

= $1045.85.

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